Announces Board Transition
The Kraft Heinz Company (Nasdaq: KHC) (“Kraft Heinz” or the “Company”) today announced that the Company’s Board of Directors and Executive Leadership Team have been evaluating potential strategic transactions to unlock shareholder value.
“At Kraft Heinz, our goal has always been to make high-quality, great-tasting food for all and to keep consumers at the forefront of all we do, enabling us to drive profitable long-term growth and value creation,” said Kraft Heinz CEO Carlos Abrams-Rivera. “Consistent with this goal, over the past several months we have been evaluating potential strategic transactions to unlock shareholder value. As we look to the future, we will continue to inspire and delight consumers with our iconic brands, fulfilling our mission.”
Kraft Heinz today also announced that Berkshire Hathaway Inc. (together with its affiliates, “Berkshire Hathaway”) has informed the Company that, consistent with its other non-controlled investments, it will no longer hold Board seats on Kraft Heinz. As such, Timothy Kenesey and Alicia Knapp have stepped down from the Board due to their relationship with Berkshire Hathaway. With these changes, Kraft Heinz has reduced the size of its Board to 10 members.
Miguel Patricio, Chair of the Board of Kraft Heinz, said, “On behalf of the Board, I’d like to thank Tim and Alicia for their commitment and contributions to Kraft Heinz over the years. We greatly value our strong history with Berkshire Hathaway and look forward to continuing our relationship.”
Mr. Kenesey’s and Ms. Knapp’s decisions are not the result of any disagreement with management or the Board related to the Company’s operations, policies or practices.
Kraft Heinz intends to continue its evaluation of strategic transactions to unlock shareholder value. There can be no assurance that the Company’s assessment process will result in any transaction, or any assurance as to its outcome or timing. The Company has not set a timetable for completion of this process and does not intend to make any further announcements regarding the process unless and until it determines that further disclosure is appropriate or necessary.
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